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Natural Gas and Oil Forecast: Oil Fell Over 3% This Week; More Downside Ahead?

FXEmpire.com -

Market Overview

Oil prices were stable on Friday as investors digested U.S. Federal Reserve comments on interest rates amid persistent inflation. Despite stable prices, Brent crude and U.S. crude futures reached multi-month lows, with Brent down over 3% and WTI nearly 4% for the week.

The Fed’s hawkish stance on rates weighed on oil prices, raising concerns about economic growth and fuel demand. However, strengthening U.S. gasoline demand provided some support. All eyes are on the OPEC+ meeting on June 1, where potential extensions of oil output cuts will be discussed.

Natural Gas Price Forecast

Natural Gas (NG) Price Chart

Natural Gas (NG) is currently priced at $2.67, up 0.69%. Key price levels to monitor include the pivot point at $2.83, with immediate resistance at $2.92 and further resistance at $3.02.

Immediate support is observed at $2.61, followed by $2.53 and $2.45. The 50-day EMA is at $2.69, while the 200-day EMA is at $2.41, suggesting mixed signals. The technical outlook is bearish below $2.74, but a break above this level could introduce a bullish bias.

WTI Oil Price Forecast

WTI Price Chart

USOIL is currently priced at $76.60. Key price levels to watch include the pivot point at $77.40, with immediate resistance at $78.39 and further resistance at $79.24. On the downside, immediate support is found at $76.01, followed by $75.43 and $74.80.

The 50-day EMA is at $78.28, and the 200-day EMA is at $80.00. These levels indicate significant resistance points. The technical outlook remains bullish as long as the price stays above $76.60. A break below this level could lead to a sharp selling trend.

Brent Oil Price Forecast

Brent Price Chart

UKOIL is priced at $81.32, down 0.21%. Key price levels include the pivot point at $82.67, with immediate resistance at $83.49 and further resistance at $84.51. Immediate support is noted at $80.58, followed by $79.69 and $78.75. The 50-day EMA stands at $82.27, while the 200-day EMA is at $83.63, indicating significant resistance levels. The outlook is bearish below $81.50; however, a break above this level could shift the bias to bullish.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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